Wow, calling the top back in 9/1 or so. Yes, I left the "Trading World" to join the Venture Capital World and I deal in high risk ventures. So, I understand Risk vs Reward. I am bearish on the market over all, but to try and fight the "Hand" that is pushing this market higher is all risk and zero reward. I Could careless if you use TA, Moon Patterns, Monthly cycles of ones wife, to short into this is nuts. Even with Volume being so low. As it is, the economy is turning, from the point of few of my clients. They are all seeing upticks in their quarter, granted they are private companies. Nevertheless, the mood has changed from Doom and Gloom 4 months ago to positive moods. All of myc clients do not expect to see their Rev return to 08 levels this year or next. However, the footing is in and the economy has started to firm up. With that being said, the Market has plenty of room to go up, before it goes down. Contra-trading in Volitiality, intraday and possible over night moves makes sense when the moves are present. But to stay short is more than risk, its pure nuts. Makes zero sense. There are far more powers that be pushing this Market up, other than buyers. Infact, based on overall volume, I would say smart money is not in the market. They are going into RE, commoditties, maybe even some Emerging Markets. Of course, in a perfect world a correction would come, with the TA pointing to such, with volume levels low and with little interest in the over Stock Market by the people, because they are broke! But guess what, this is Obamanation and bar a terrorist attack or a serious blow up of the world economy again.....I see momentum building to the upside, regardless of what TA says, or what the Moon Says, or what CNBC says.
i'm not underestimating the strength of this thing you'll notice that i'm using nothing but monthly charts, the 'heaviest' technical timeframe it has been my presumption, that a move of this magnitude would not respect the technicals of smaller timeframes also, whether one believes this is a top or not, they might agree that this is the point technically, of whether we are still in a bear, or now in a bull
In order for any serious bull market to occur, 20 has to be broken on the VIX. So far all I see are dojis on the high TFs and momentum gathering to on the lower TFs... does not look good.
yes i saw that too i've never seen so much large technical stuff line up at once i have felt all the while that this was a technical bounce all along, and that's why i've kept my mouth shut the whole time (until now) until it faced huge resistence